SinoPac Financial Holdings Co (永豐金控) yesterday confirmed the resignation of a number of top executives announced late on Wednesday following repeated run-ins with regulators due to the firm’s shortcomings in governing the activities of its subsidiaries.
On July 1, Yu Kuo-chih (游國治) would be relieved of his posts at the company, which are president and chief financial officer of SinoPac Financial, and chairman of Bank SinoPac (永豐銀行), SinoPac Financial said in a statement.
Tsai Chien-chih (蔡建志), chairman and president of SinoPac Securities (Asia) Ltd (永豐金證券亞洲), a Hong Kong-based brokerage subsidiary, and Chuang Yao (莊耀), president of SinoPac Leasing Co (永豐金租賃), would also be leaving their posts, the company said.
Photo: Wang Meng-lun, Taipei Times
The company’s leasing and banking unit had violated regulations by extending questionable loans to companies whose proprietors are related to SinoPac Financial’s founding family, surnamed Ho (何), and its Hong Kong-based brokerage had racked up infractions by processing purchases of in Tatung Co (大同) shares on behalf of Chinese investors amid an ongoing proxy fight at the home appliances brand.
The Hong Kong-based brokerage and its clients had also incurred considerable losses after a precipitous plunge in China Huishan Dairy Holding Co (中國輝山乳業) shares, with Hong Kong regulators later suspending trading in the stock.
The Financial Supervisory Commission, which last month slapped SinoPac Financial with a NT$100 million (US$3.32 million) fine for the infractions, yesterday commended the leadership change at the company, and said that it would continue to monitor its efforts to improve corporate governance.
However, the commission said it cannot penalize the Hong Kong-based brokerage for facilitating stock purchases by Chinese investors due to limitations set by the Act Governing Relations Between the People of the Taiwan Area and the Mainland Area (臺灣地區與大陸地區人民關係條例).
Regarding China Huishan Dairy, the commission said that the brokerage did not break rules set by Hong Kong financial regulators.
Meanwhile, New Power Party Executive Chairman Huang Kuo-chang (黃國昌) yesterday said he was not satisfied with the resignations as SinoPac Financial chairman Ho Shou-chuan (何壽川), who he said was the main culprit for the infractions, remained unscathed.
SinoPac Financial has also canceled an investors’ conference scheduled for next week.
The company has outlined plans to reduce the number of positions that an executive can occupy, and improve internal controls against risks and conflicts of interests in dealings with interested parties.
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